Elliott Wave Analysis: Ending Diagonal On SILVER Points Lower

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Silver is trading quite nicely to the upside in the last couple of days, probably undergoing an ending diagonal in the final blue wave c of a bigger three wave recovery. As such we believe upside can be limited and a reversal may be near, as ending diagonals are powerful reversal patterns, that can after their completion push prices lower as we expect in this case.

The ideal reversal for this commodity may be around the 18.004, where former wave iv can act as a resistance.


The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns.

Basic Ending Diagonal:

ending-diagonal

 

 

 

 

 

SILVER, 1H

silver-1